Correction of Prior Years' Errors Directly Affect The

question 86

Multiple Choice

Correction of prior years' errors directly affect the:

• A)retained earnings account.
• B)extraordinary gains and losses of the period when the correction of prior years' error is made.
• C)net income of the period
• D)retained earnings account through the period's net income.

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Definitions:

Yield Management

A pricing strategy used in industries with fixed capacities to maximize revenue by adjusting prices based on demand.

Operations Management

is the area of management concerned with designing and controlling the process of production and redesigning business operations in the production of goods or services.